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Trading Securities, at Fair Value (Notes)
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9 Months Ended |
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Sep. 30, 2012
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| Trading Securities, at Fair Value [Abstract] | |
| Trading Securities, at Fair Value |
Trading Securities, at Fair Value
The Company holds U.S. Treasuries in a taxable REIT subsidiary and classifies these securities as trading instruments due to short-term investment objectives. As of September 30, 2012 and December 31, 2011, the Company held U.S. Treasuries with an amortized cost of $1.0 billion and $1.0 billion and a fair value of $1.0 billion and $1.0 billion, respectively, classified as trading securities. The unrealized gains included within trading securities were $5.8 million and $3.1 million as of September 30, 2012 and December 31, 2011, respectively.
For the nine months ended September 30, 2012, the Company sold trading securities for $1.0 billion with an amortized cost of $1.0 billion, resulting in realized gains of $1.7 million on the sale of these securities. The Company did not sell any trading securities during the three months ended September 30, 2012. For the three and nine months ended September 30, 2012, trading securities experienced unrealized gains of $2.7 million. Both realized and unrealized gains and losses are recorded as a component of gains on investment securities, net in the Company's condensed consolidated statements of comprehensive income.
At September 30, 2012, the Company pledged trading securities with a carrying value of $1.0 billion as collateral for repurchase agreements. See Note 12 - Repurchase Agreements.
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- Details
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- Definition
Tabular disclosure of trading securities (and certain trading assets) which consist of all investments in certain debt and equity securities (and other assets) that are bought and held principally for the purpose of selling them in the near term (thus held for only a short period of time) or for which an entity has elected the fair value option. Trading generally reflects active and frequent buying and selling, and trading securities are generally used with the objective of generating profits on short-term differences in price, but this category of investments may also include items which are not intended to be sold in the near term or for which the fair value option has been elected. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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